Avangrid (NYSE: AGR) reported Q3 EPS of $0.45, $0.01 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.32 billion.

“AVANGRID had solid results for the quarter mainly driven by increased gross margin at our Renewables business and the implementation of rate plans at our Networks businesses,” commented James P. Torgerson, chief executive officer of AVANGRID. “We experienced some earnings setbacks earlier this year; however, they have not derailed us from executing on our long-term plan to achieve 8-10% earnings CAGR through 2020 and 2022. In the Renewables business, our pipeline is strong and growing and we have been successful in contracting new PPAs. To date, we have secured over 1.8 GW of wind and solar projects, nearly two-thirds of our 2022 target, of which 970 MWs are currently under construction and expect to be operational in 2019. In our Networks business, we continue to invest in our electric and gas distribution infrastructure, modernizing and hardening the grid for the future.”

“The major projects outside of the long-term plan are advancing as well,” noted Torgerson. “Vineyard Wind, our 800 MW offshore wind farm, in joint-venture with Copenhagen Infrastructure Partners, executed 20-year contracts with the MA DPU in August and the FERC accepted NECEC’s transmission service agreements ahead of schedule and we are another step closer to achieving the project’s Certificate of Public Convenience and Necessity in Maine. Both Vineyard Wind and NECEC are on track, and we expect all permits and final approvals in 2019.”

GUIDANCE:

Avangrid sees FY2018 EPS of $2.22-$2.50, versus the consensus of $2.30.

For earnings history and earnings-related data on Avangrid (AGR) click here.